Palos Verdes real estate sales March 2023 for Palos Verdes homes increased compared to February. 47 Palos Verdes houses sold in March compared to 29 homes in February and decreased compared to the 76 homes that sold in March 2022. There were 49 Palos Verdes single family homes pending in March which increased from the 37 homes pending in February. The number of active Palos Verdes homes for sale in March (66) increased from the 63 homes for sale in February.
Average sales price for Palos Verdes homes sold in March increased to $2,518,000 compared to $2,372,000 in February and decreased from the $2,969,000 in March 2022. Price per square foot for Palos Verdes houses that sold/closed escrow in March increased to $873 from $817 in February. Average days on market in March was 34 days which decreased from 51 days in February. Months of inventory (months it would take to sell existing inventory at the current rate of sale) was 1.4 months in March which decreased from 2.2 months in February for Palos Verdes homes for sale. A “normal” or balanced market is considered 3 months of inventory. Entire charts can be accessed by clicking here or on the “Statistics” tab above.
Currently, there are 63 single family Palos Verdes homes for sale. 55 Palos Verdes houses are in escrow (26 homes have pending sales and 29 homes are active under contract). Additionally, 8 homes have sold/closed escrow in the first 7 days of April with an average sales price of $2,799,059.
To read my February report on Palos Verdes Real Estate sales, click here.
Chart courtesy of Trendgraphix, Inc.
